2025.07. 28 本文字数：979，阅读时长大约2分钟 作者 | 第一财 经 栾立 7月28日，外界关注已久的国家《育儿补贴制度实施方案》正式公布。方案规定，自2025年1月1日 起，对符合法律法规规定生育的3周岁以下婴幼儿发放育儿补贴，每个婴幼儿最多可领取为期三年、 总额1.08万元的补贴。 方案显示，育儿补贴按年发放，现阶段国家基础标准为每孩每年3600元，发放至婴幼儿年满3周 岁。对于2025年1月1日之前出生且不满3周岁的婴幼儿，将按其可享受补贴的月数折算计发。 根据规定，发放的育儿补贴免征个人所得税。在认定最低生活保障对象、特困人员等救助对象时，育 儿补贴不计入家庭或个人收入。补贴由婴幼儿的父母一方或其他监护人按规定向婴幼儿户籍所在地申 领，主要通过育儿补贴信息管理系统线上申请，也可线下申请。 国家育儿补贴政策也是当前母婴、乳业等行业关注的重点。 本报记者任玉明摄 生育率持续下滑是困扰乳制品和母婴行业的一大难题。自2020年起，伴随出生人口数量变化，国内 婴幼儿配方奶粉市场规模逐年以两位数幅度萎缩，进而波及母婴等相关行业。2024年生育率的回 升，则带动了相关行业市场回暖。 2025年的政府工 ...

Group 1: Subsidy Implementation - The national basic standard for childcare subsidies is set at 3,600 yuan per year for each child under 3 years old, starting from January 1, 2025[1] - The total fiscal funding required for the nationwide implementation of the childcare subsidy is estimated to be around 117 billion yuan, accounting for 0.4% of the general fiscal expenditure budget[2] - Local governments may adjust the subsidy standards based on regional conditions, with at least 2 provinces and 22 municipal districts already having implemented their own measures[3] Group 2: Economic Impact - The implementation of the childcare subsidy is expected to increase social retail sales by approximately 0.2 percentage points, particularly benefiting essential categories like maternal and infant products[2] - The average consumer propensity in 2024 is projected to be 68.3%, indicating a potential boost in consumer spending due to the subsidy[2] - If local governments raise their subsidy levels, the required fiscal funding could reach around 107.6 billion yuan, including ongoing support for second and third children[3] Group 3: Systemic Support Expectations - Beyond cash subsidies, there is a need for systemic support policies in employment, education, and healthcare to enhance the overall childcare support framework[4] - The OECD's experiences in systemic support policies can serve as a reference, focusing on fiscal tax support, leave policies, and childcare education support[4] - Future policies may also emphasize ensuring family leisure time and protecting women's rights during pregnancy and breastfeeding through legislative measures[4]

Group 1: Market Overview - The total market capitalization of listed companies in China exceeded 90 trillion yuan at the end of June, marking the highest point in nearly three years [1] - There has been a net decrease of 325 companies with a market value below 2 billion yuan since the beginning of the year [1] - In June, 8 new companies were listed, raising a total of 9.153 billion yuan, while 1 company was delisted [1] Group 2: Regulatory Changes - The Hong Kong Stock Exchange announced a reduction in the minimum price fluctuation for stocks, effective August 4, aimed at lowering trading costs and improving efficiency [2] Group 3: Corporate Developments - BioMap appointed Patrick Zhang as President of Corporate Development, bringing experience from previous roles in major pharmaceutical companies [6] - Huafeng Aluminum signed a five-year raw material purchase contract with Shaanxi Youse Yulin New Materials Group, with a total expected transaction amount exceeding 7.2 billion yuan [7] - Changhua Group received a product purchase contract for carbon-ceramic brake discs, with a total sales amount expected to exceed 100 million yuan over a five-year project lifecycle [7] Group 4: Financial Performance - Zhongke Environmental reported a net profit of 196 million yuan for the first half of the year, a year-on-year increase of 19.83% [8] - WuXi AppTec's net profit for the first half of the year grew by 101.92% to 8.561 billion yuan, with a proposed cash dividend of 3.5 yuan per 10 shares [9] - Sujiao Technology's net profit decreased by 39.54% to approximately 95.39 million yuan, with a proposed cash dividend of 0.2 yuan per 10 shares [10] - Jucheng Co. reported a net profit of 205 million yuan, a significant increase of 43.5% year-on-year, driven by strong sales in specific product lines [11] Group 5: Market Trends - The ChiNext index rose nearly 1%, with over 2,700 stocks gaining in value, particularly in the computing hardware sector, which saw multiple stocks reach historical highs [12]

从2025年1月1日起，每孩每年发放育儿补贴3600元，至其年满3周岁。根据方案，补贴对象为从2025年1 月1日起，符合法律法规规定生育的3周岁以下婴幼儿。换言之，无论一孩、二孩、三孩，均可申领育儿 补贴。方案明确，育儿补贴由婴幼儿的父母一方或其他监护人按规定向婴幼儿户籍所在地申领，主要通 过育儿补贴信息管理系统线上申请，也可线下申请，各省份结合实际确定具体发放时间。据了解，相关 部门正在抓紧推进各项准备工作。(央视新闻) ...

Group 1 - The national childcare subsidy system implementation plan was announced on July 28, 2023 [1] - Starting from January 1, 2025, subsidies will be provided for children under 3 years old who meet legal and regulatory requirements, until they reach 3 years old [1] - The current national basic standard for childcare subsidies is 3,600 yuan per child per year [1] - For children born before January 1, 2025, and under 3 years old, subsidies will be calculated based on the number of months eligible for subsidy [1]

国家育儿补贴方案六大热点问答：哪些家庭可领取育儿补贴？ 金十数据7月28日讯，根据方案，补贴对象为从2025年1月1日起，符合法律法规规定生育的3周岁以下婴 幼儿。换言之，无论一孩、二孩、三孩，均可申领育儿补贴。2025年1月1日前出生、不满3周岁的婴幼 儿，也可享受政策，按应补贴月数折算计发补贴。中国人口与发展研究中心主任贺丹表示，一孩、二 孩、三孩均可领取补贴，且标准相同，实现了三孩生育政策下家庭支持的全面覆盖，体现了政策的普惠 性和公平性。首都经济贸易大学劳动经济学院教授姜全保认为，一孩生育是家庭生育决策的关键，将一 孩也纳入补贴范畴，能一定程度帮助缓解年轻夫妇的生育顾虑。 相关链接 ...

#新闻 国家育儿补贴方案出炉：3周岁以下婴幼儿每孩每年3600元育儿补贴制度从2025年1月1日起，对符合法律法规规定生育的3周岁以下婴幼儿发放补贴，育儿补贴按年发放，现阶段国家基础标准为每孩每年3600元，发放补贴至婴幼儿年满3周岁。 ...

Core Viewpoint - The fiscal characteristics of 2025 include expansion in total scale, front-loaded issuance rhythm, and differentiated structural features, which can explain some economic phenomena in the first half of the year [1][10][45]. Group 1: Fiscal Characteristics - Characteristic one is the expansion of total scale and differentiation in narrow and broad structures. The narrow fiscal deficit target rate of 4.0% is the upper limit of market expectations, with the target deficit scale increasing by 39.4% compared to 2024, marking the highest growth in the past decade [13][14][45]. - Characteristic two is the front-loaded fiscal rhythm and differentiation between central and local structures. Local governments have been actively issuing debt, but the contribution of infrastructure projects has not been significant. Central fiscal measures, including national bond issuance and "national subsidies," have been the main support for various economic segments [2][16][19]. - Characteristic three indicates that both narrow and broad fiscal revenues are influenced by lagging effects, PPI levels, and land market conditions, with growth rates lower than initial budget targets. This has contributed to the widening fiscal deficit in the first half of the year [22][23][24]. Group 2: Fiscal Revenue Expectations - Looking ahead to the second half of 2025, favorable conditions for fiscal revenue include potential improvements in nominal growth due to "anti-involution" policies, which may boost tax revenue. However, adverse factors include a slowdown in real estate sales and a potential decline in land revenue [24][25][26]. Group 3: Government Debt Supply - In the second half of 2025, the government is expected to net increase about 5.8 trillion yuan in various types of government debt. The net financing pressure for government debt in the second half is relatively small compared to the first half [27][28][29]. Group 4: Fiscal Expenditure Projections - Broad fiscal expenditure is primarily determined by the scale of bond issuance and revenue. The expected growth rates for broad fiscal expenditure in optimistic, neutral, and cautious scenarios are approximately 8.4%, 7.8%, and 7.0%, respectively, all higher than the previous year's 2.7% [30][31][32]. Group 5: Infrastructure Performance - Infrastructure performance in the second half of 2025 is expected to improve compared to the first half, driven by the acceleration of long-term national bond funding and the introduction of new policy financial tools [5][33][34]. Group 6: Diverse Fiscal Support Areas - Beyond infrastructure, fiscal support is increasingly diverse, including "national subsidies" to boost retail sales, potential nationwide child-rearing subsidies, urban renewal initiatives, and measures to address corporate debt [35][36][37]. Group 7: Fiscal and Tax System Reforms - The focus of fiscal and tax system reforms during the "15th Five-Year Plan" period will include tax reforms, such as shifting consumption tax collection to local levels, and adjustments in the distribution of fiscal powers between central and local governments [39][40][41]. Group 8: Asset Pricing Implications - The fiscal clues for the second half of the year are expected to influence asset pricing, particularly benefiting construction-related industries and emerging sectors like low-altitude and digital economies [43].

Core Points - The national childcare subsidy policy is still under development, with some regions like Zhejiang and Heilongjiang already implementing local subsidies for families with two or more children [1][2][6] - The government has indicated intentions to establish a childcare subsidy system, as mentioned in the government work report and by various officials [2][3][6] - There is a distinction between "childcare subsidies" and "maternity benefits," with the former aimed at providing direct financial support for childcare costs [3][4] Group 1 - The recent discussions on social media regarding a national childcare subsidy of 3600 yuan per year for children aged 0-3 are based on unconfirmed information [1] - Local governments have begun to implement their own childcare subsidy policies, with examples from Zhejiang and Heilongjiang providing financial support for families with two or more children [5][6] - The Ministry of Finance has emphasized the urgency of establishing a childcare subsidy system, indicating that the policy is in the pipeline [2][6] Group 2 - The current maternity benefits include maternity leave pay and reimbursement for prenatal and delivery expenses, which are separate from the proposed childcare subsidies [3][4] - Some regions have successfully implemented childcare subsidies, with families in places like Lishui, Zhejiang, receiving 500 yuan monthly for three years [5][6] - As of November 2024, 23 provinces in China are exploring the implementation of a childcare subsidy system, although a national policy has yet to be established [6]

Group 1: Childcare Subsidy Policy - The childcare subsidy system in China has formed a progressive framework of "childcare support - economic relief - cash subsidies," aimed at reducing care costs and enhancing fertility willingness, especially among low-income groups [1][27] - The government has shifted fiscal spending from investment to improving people's livelihoods, emphasizing the need to optimize the fiscal expenditure structure to strengthen basic livelihood financial support [1][28] - The "localized" nature of subsidies is seen as a refined governance experiment under tight fiscal conditions, serving as an important tool for current fiscal policy with a core consumption stimulation effect based on the "multiplier effect" [1][29] Group 2: Marine Economy and Technology - The marine economy is projected to exceed 10 trillion yuan in 2024, accounting for 7.8% of the national GDP, highlighting its significance as a growth driver [3] - The global regulatory framework for stablecoins is accelerating, with recent legislative developments in the US and Hong Kong, which may enhance the internationalization of the Renminbi [3] - Breakthroughs in brain-computer interface technology are paving the way for commercialization, with significant clinical trials indicating rapid advancements in the field [3] Group 3: Investment Opportunities in Maternal and Infant Products - The maternal and infant products market is expected to reach 4.68 trillion yuan by 2025, with a growth rate exceeding 7%, driven by increasing disposable income and consumption capabilities [8][36] - The early education and childcare market is anticipated to expand due to government support, with a focus on integrating medical and educational services [8] - The assisted reproductive services market is projected to grow to 49.6 billion yuan by 2023, benefiting from increased fertility willingness driven by childcare subsidies [8]